The outlook for the ranking is stable. WFB maintains sound infrastructure and
the resources necessary to operate as an effective master servicer. It also
continues to identify opportunities to improve processes and enhance its
technology. Despite the declining volume of its master servicing portfolio,
WFB continues to leverage its infrastructure and expertise to identify and
provide services to meet the needs of market participants.

Our ranking reflects:

The management team and staff have solid industry experience levels.

Strong risk management and control environment that includes proactive
measures and controls.

Many processes are automated, providing consistency and a level of
control. WFB also continues to enhance servicing processes.

A comprehensive servicer management program with proactive practices to
monitor trends and identify and address servicer risk.

Residential mortgage-backed securities (RMBS) master servicing portfolios
continue to decline in size due to the limited number of new issuances to
offset loan runoff. However, WFB remains an active market participant.